Alliance & Leicester: Number of landlords on the up

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Alliance & Leicester: Number of landlords on the up

The amount of people looking to become landlords was on the rise during December, according to Alliance & Leicester Mortgages research.

Buy-to-let applications rose by 23 per cent in the last month of 2006 - with 70 per cent of these for products with a loan-to-value of less than 75 per cent - indicating that this year could see a buy-to-let market boom.

Alliance & Leicester Mortgages also reports that the average deposit gained from an investor landlord rose by more than £1,500 during last December.

Mehrdad Yousefi, head of intermediary mortgages at Alliance & Leicester, stated: "In a rising base rate environment, figures show that some investor landlords are beginning to opt for base rate tracker mortgages, which are competitively priced at between 13 and 38 basis points below fixed-rate mortgages."

He went on to say the average property purchase made by investor landlords in the UK stood at £230,806 in December, which represents a figure 24 per cent higher than the price of the average property.

The most popular product among investor landlords proved to be fixed-rate mortgages, with two or three-year fixed-rates making up 61 per cent of total sales.

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